Income Tax (Transitional Provisions) Act 1997

A person may apply to the Commissioner in the approved form for a transitional release authority under subsection (2). The application can only be made before 1 July 2007.

The Commissioner must give the person a transitional release authority if the Commissioner considers that, apart from subparagraph 292‑80(3)(b)(i), the person would have excess non‑concessional contributions for the financial year mentioned in paragraph 292‑80(3)(a).

The transitional release authority must:

state the amount of excess non‑concessional contributions mentioned in subsection (2); and

be dated; and

contain any other information that the Commissioner considers relevant.

For the purposes of this section, disregard contributions made in respect of the person after 6 December 2006 in working out:

whether the person has excess non‑concessional contributions as mentioned in subsection (2); and

the amount of those excess non‑concessional contributions.